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INTRO Introduction

Tim Peterson

PARKED
Feb 21, 2019
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0
3
Hi Guys,

I'm trying to make 3-5 millions in 5-10years. I'm currently working as a contractor in Web development with focus on User Interface & Experience Design.

I've been involved in 2-3 small businesses that never really took off and seen alot of startups fail or just kept alive. 80% of people i know that has started business have lost time and money (avg. age 30-38) and they would have been better of grinding for big corporations.

I'm currently doing very well as a contractor where i can charge 900$/day around 180.000$ a year working for big corporations (banks, insurance, pharma), but i still would like to turn that into 1million a year. I just don't see how that would be possible since competition is fierce and most big corporations don't buy projects from smaller agencies. I feel like i have hit my peek earnings so far as an individual employee but still more profit than many small companies.

I'm located in Zürich, Switzerland so avarage pocket are deep and lots of opportunities here, especially in Finance (Banking, Insurance).

Looking for ideas for make it to the 1million a year mark.
 

lowtek

Platinum Contributor
Speedway Pass
FASTLANE INSIDER
Summit Attendee
Oct 3, 2015
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Phoenix, AZ
Welcome aboard, Tim. Congrats on your success as a solo contractor. It's a rough life, and not easy to hit the 180k/year mark.

There was a post on Hacker news about this a while back. Basically, it boils down to this:

Start positioning yourself as a consultant instead of a developer. This requires two things:

1) You must actively work to understand what business problem you are tasked with solving, and take ownership of solving it for the customer. Go from churning specifications into a product to identifying and solving core business needs by pushing back on the customer and doing some intelligent inquiry.

2) Hire someone else to do at least a chunk of the labor. They should be a contractor, so that they get no equity upside and you can pay them a fixed hourly rate while you bill at whatever you can get away with.

Hope that helps.
 

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